Kite Realty Group, an Indianapolis-based retail real estate investment trust, has entered into a joint venture with Prudential Real Estate Investors to invest up to $1.25 billion in U.S. retail properties.The venture is interested in "well-positioned community shopping centers in strategic markets in the United States," Kite said. The two partners expect to make equity capital contributions of up to $500 million for projects over the next four years, with PREI, the real estate investment management business of Parsippany, N.J.-based Prudential Financial, contributing 80% and Kite 20%. Upon the stabilization of the projects, additional debt funding will also be sought. Kite, which will also identify the projects, will manage the properties and receive additional management fees. PREI can be found on the Web at http://www.prei.com.
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